Oral Answers to Questions

Jonathan Reynolds Excerpts

Tuesday 7th June 2022 Commons Chamber

[Mr Speaker]

I call the shadow Secretary of State.

[Jonathan Reynolds (Stalybridge and Hyde) (Lab/Co-op)]

If a chair or chief executive of a FTSE 100 company presided over a culture of rule breaking, broke the law themselves and then said that they would do it again, would that person have the Business Secretary’s support, or would he demand better standards than that in public life?

[Kwasi Kwarteng]

I think that we deserve and are all well placed and right to demand the highest standards in any profession across any position and in any institution.

[Jonathan Reynolds]

I agree, but if the Business Secretary believes that integrity and honesty are important in all walks of life, he should have voted against the Prime Minister last night.

I welcome the Government’s U-turn on a windfall tax, but yet again they say one thing and do another. There is uncertainty about who the tax will apply to, and there is worry that the chaotic nature of the announcement could perversely incentivise investment in fossil fuels over renewables. Uncertainty and botched announcements are a feature of the Government, which is one reason why business investment has been so poor under the Conservatives. When will the Business Secretary offer certainty to businesses on who exactly the Government intend to apply the tax to?

[Kwasi Kwarteng]

The hon. Member will know that issues relating to taxation are a matter for my right hon. Friend the Chancellor of the Exchequer. As far as the hon. Member’s windfall tax is concerned, I have always been opposed to such taxes on principle, and I continue to be opposed. I hope that this energy profits levy does not discourage investment; actually, it has features that do attract greater investment.